MARSH & MCLENNAN COMPANIES, INC.

MRSH · Insurance Agents, Brokers & Service · 481.8M shares · -1%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $787M (gross $1.1B, SBC $363M)

Reference price $161.71 · est. market cap ~$77.9B — last insider sale, 2026-06-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

A83

Marsh & McLennan — premier insurance broker/advisory with elite cash flow.

Strengths

Operating margin 23% (71st pct), FCF 100th
Recurring, capital-light brokerage model
Steady revenue growth

Risks

Modest liquidity ratios
Acquisition-integration risk
Cyclical advisory demand

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $2.7B cash & investments
Insider sellingInsider selling — 4 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$7M, last 6mo) Form 4 ↗

Quarterly revenue

2025-06-30 · $7.0B2025-09-30 · $6.4B2025-12-31 · $6.6B2026-03-31 · $7.6B

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

23.1%

Net margin

15.4%

Return on assets

7.1%

Revenue growth (QoQ)

15.2%

Net-income growth

2.5%

Net debt / EBITDA

2.6×

Current ratio

1.1×

Free cash flow

$5.0B

EBITDA

$6.6B

Cash & investments

$2.7B

Stock comp / revenue

1.5%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-02	Doyle John Q	Option exercise	17K	$73.19
2026-06-02	Doyle John Q	Sell	17K	$161.71
2026-06-01	Harrison Peter	Tax withheld	103	$159.28
2026-06-01	BROUSSARD BRUCE D	Grant	1.3K	$159.28
2026-06-01	MILLS STEVEN A	Grant	1.3K	$159.28
2026-06-01	HANWAY H EDWARD	Grant	1.3K	$159.28
2026-06-01	Hartmann Judith	Grant	1.3K	$159.28
2026-06-01	Harrison Peter	Grant	1.3K	$159.28
2026-05-15	MILLS STEVEN A	Grant	264	$160.60
2026-03-15	Tomlinson Patrick	Option exercise	1.2K	—
2026-03-15	Tomlinson Patrick	Tax withheld	627	$172.15
2026-03-11	Jones John Jude	Sell	2.4K	$173.61
2026-03-04	Doyle John Q	Option exercise	17K	—
2026-03-04	Doyle John Q	Sell	17K	$183.30
2026-03-03	Studer Nicholas Mark	Sell	3.8K	$184.03
2026-02-28	Mills Stacy	Option exercise	2.7K	—
2026-02-28	Mills Stacy	Tax withheld	1.3K	$186.74
2026-02-28	South Martin	Option exercise	14K	—
2026-02-28	South Martin	Tax withheld	8.0K	$186.74
2026-02-28	Studer Nicholas Mark	Option exercise	8.0K	—
2026-02-28	Tomlinson Patrick	Option exercise	2.2K	—
2026-02-28	Beswick Paul	Option exercise	7.0K	—
2026-02-28	Beswick Paul	Tax withheld	3.4K	$186.74
2026-02-28	Brennan Katherine	Option exercise	7.0K	—
2026-02-28	Brennan Katherine	Tax withheld	3.9K	$186.74
2026-02-28	Doyle John Q	Option exercise	60K	—
2026-02-28	Doyle John Q	Tax withheld	30K	$186.74
2026-02-28	Fernandez Carmen	Option exercise	7.0K	—
2026-02-28	Fernandez Carmen	Tax withheld	3.9K	$186.74
2026-02-28	Jones John Jude	Option exercise	4.8K	—
2026-02-28	Jones John Jude	Tax withheld	2.5K	$186.74
2026-02-28	Klisura Dean Michael	Option exercise	9.4K	—
2026-02-28	Klisura Dean Michael	Tax withheld	5.2K	$186.74
2026-02-28	MCGIVNEY MARK C	Option exercise	18K	—
2026-02-28	MCGIVNEY MARK C	Tax withheld	9.2K	$186.74
2026-02-28	Tomlinson Patrick	Tax withheld	1.1K	$186.74
2026-02-15	MILLS STEVEN A	Grant	244	$173.51
2025-12-01	Doyle John Q	Option exercise	21K	$63.09
2025-12-01	Doyle John Q	Sell	21K	$182.22
2025-11-15	MILLS STEVEN A	Grant	231	$183.28
2025-09-02	Doyle John Q	Option exercise	21K	$63.09
2025-09-02	Doyle John Q	Sell	21K	$205.65
2025-08-15	MILLS STEVEN A	Grant	204	$208.06
2025-07-30	Anderson Anthony	Buy	500	$201.03
2025-07-29	Anderson Anthony	Buy	500	$202.20
2025-06-02	Doyle John Q	Option exercise	21K	$63.09
2025-06-02	Doyle John Q	Sell	21K	$232.05
2025-06-01	HANWAY H EDWARD	Grant	929	$231.27
2025-06-01	MILLS STEVEN A	Grant	929	$231.27
2025-06-01	Hartmann Judith	Grant	929	$231.27
2025-05-20	Mills Stacy	Gift	218	—
2025-05-15	MILLS STEVEN A	Grant	185	$222.22
2025-05-15	FANJUL OSCAR	Grant	158	$222.22
2025-05-15	FANJUL OSCAR	Tax withheld	12	$222.22
2025-04-03	Beswick Paul	Option exercise	1.0K	$118.86
2025-04-03	Beswick Paul	Sell	2.2K	$246.00
2025-03-31	Klisura Dean Michael	Option exercise	9.6K	$83.05
2025-03-31	Klisura Dean Michael	Sell	9.6K	$245.00
2025-03-17	Tomlinson Patrick	Option exercise	1.2K	—
2025-03-17	Tomlinson Patrick	Tax withheld	627	$230.59
2025-03-12	Studer Nicholas Mark	Option exercise	9.4K	$57.33
2025-03-12	Studer Nicholas Mark	Option exercise	10K	$73.19
2025-03-12	Studer Nicholas Mark	Option exercise	5.2K	$118.86
2025-03-12	Studer Nicholas Mark	Option exercise	6.2K	$83.05
2025-03-12	Studer Nicholas Mark	Option exercise	4.5K	$90.78
2025-03-12	Studer Nicholas Mark	Option exercise	4.3K	$117.53
2025-03-12	Studer Nicholas Mark	Option exercise	14K	$151.37
2025-03-12	Studer Nicholas Mark	Option exercise	8.9K	$164.15
2025-03-12	Studer Nicholas Mark	Option exercise	4.0K	$200.47
2025-03-12	Studer Nicholas Mark	Sell	49K	$230.16
2025-03-10	Klisura Dean Michael	Sell	7.1K	$234.97
2025-03-10	MCGIVNEY MARK C	Sell	11K	$234.97
2025-03-10	Mills Stacy	Sell	1.3K	$234.97
2025-03-06	Jones John Jude	Sell	1.0K	$235.60
2025-03-06	Jones John Jude	Option exercise	4.7K	$118.86
2025-03-06	Jones John Jude	Sell	4.7K	$235.37
2025-03-06	Jones John Jude	Option exercise	5.1K	$117.53
2025-03-06	Jones John Jude	Sell	5.1K	$234.84
2025-03-04	South Martin	Sell	2.0K	$239.96
2025-03-04	South Martin	Option exercise	13K	$90.78
2025-03-04	South Martin	Option exercise	12K	$118.86
2025-03-04	South Martin	Sell	12K	$239.47
2025-03-04	South Martin	Sell	6.0K	$239.20
2025-03-04	South Martin	Sell	6.6K	$240.04
2025-03-03	Studer Nicholas Mark	Sell	3.6K	$238.74
2025-03-03	Doyle John Q	Option exercise	21K	$63.09
2025-03-03	Doyle John Q	Sell	21K	$237.05
2025-02-28	MCGIVNEY MARK C	Option exercise	21K	—
2025-02-28	Klisura Dean Michael	Option exercise	9.9K	—
2025-02-28	Klisura Dean Michael	Tax withheld	5.5K	$233.74
2025-02-28	Tomlinson Patrick	Option exercise	2.8K	—
2025-02-28	Tomlinson Patrick	Tax withheld	1.4K	$233.74
2025-02-28	Brennan Katherine	Option exercise	2.3K	—
2025-02-28	Brennan Katherine	Tax withheld	1.3K	$233.74
2025-02-28	Mills Stacy	Option exercise	2.9K	—
2025-02-28	Mills Stacy	Tax withheld	1.6K	$233.74
2025-02-28	Doyle John Q	Option exercise	26K	—
2025-02-28	Doyle John Q	Tax withheld	13K	$233.74
2025-02-28	Jones John Jude	Tax withheld	1.1K	$233.74
2025-02-28	Beswick Paul	Option exercise	7.9K	—
2025-02-28	Beswick Paul	Tax withheld	3.9K	$233.74
2025-02-28	Studer Nicholas Mark	Option exercise	7.9K	—
2025-02-28	MCGIVNEY MARK C	Tax withheld	11K	$233.74
2025-02-28	South Martin	Option exercise	17K	—
2025-02-28	South Martin	Tax withheld	9.1K	$233.74
2025-02-28	Fernandez Carmen	Option exercise	7.9K	—
2025-02-28	Fernandez Carmen	Tax withheld	4.4K	$233.74
2025-02-28	Jones John Jude	Option exercise	2.1K	—
2025-02-15	FANJUL OSCAR	Grant	152	$230.29
2025-02-15	FANJUL OSCAR	Tax withheld	19	$230.29
2025-02-15	MILLS STEVEN A	Grant	179	$230.29
2025-01-15	Doyle John Q	Option exercise	5.8K	$212.09
2025-01-15	Doyle John Q	Tax withheld	2.3K	$212.09

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (1)

RENAISSANCERE HOLDINGS LTD

Suppliers (0)

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-04	Material agreement1.02Exhibits	filing ↗
2026-05-22	Shareholder vote	filing ↗
2026-04-16	ResultsExhibits	filing ↗
2026-04-14	Exec/director changeExhibits	filing ↗
2026-03-10	Exec/director change	filing ↗
2026-02-25	Exec/director change	filing ↗
2026-02-19	OtherExhibits	filing ↗
2026-01-29	ResultsExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-04	2026-06-02	0000062709-26-000167 ↗
8-K	2026-05-22	2026-05-21	0000062709-26-000128 ↗
10-Q	2026-04-16	2026-03-31	0000062709-26-000098 ↗
8-K	2026-04-16	2026-04-16	0000062709-26-000096 ↗
8-K	2026-04-14	2026-04-08	0000950103-26-005674 ↗
8-K	2026-03-10	2026-03-10	0000062709-26-000071 ↗
8-K	2026-02-25	2026-02-25	0000062709-26-000035 ↗
8-K	2026-02-19	2026-02-19	0001193125-26-059544 ↗
10-K	2026-02-09	2025-12-31	0000062709-26-000022 ↗
8-K	2026-01-29	2026-01-29	0000062709-26-000014 ↗
8-K	2026-01-14	2026-01-14	0000062709-26-000008 ↗
10-Q	2025-10-16	2025-09-30	0000062709-25-000125 ↗